(a) Normal retirement. Each participant who retires from the employ of the employer on the first day of the calendar month coincident with or next following his normal retirement age ("normal retirement date") shall be entitled to receive the benefits provided for in Subsection 289.06(a).
(b) Late retirement. A participant who remains in the employ of the employer after his or her normal retirement date shall continue to be a participant in the plan until his actual retirement date ("late retirement date") and shall be entitled to receive the benefit provided for in Subsection 289.06(b).
(d) Vesting. A participant shall vest upon reaching normal retirement age.
(e) Re-employment after retirement. If a participant who is receiving benefits hereunder returns as an employee of the employer, his or her benefits hereunder shall cease for so long as he or she continues to be employed. Upon such participant's subsequent retirement his or her benefit shall be recalculated, based upon his or her years of service prior and subsequent to such return to employment and his or her then attained age subject to the limitations contained in Subsection 289.08(b).
(Ord. 05-09. Passed 4-16-09.)